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94502 : Real Estate Advice

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  • Home Buying3
  • Home Selling1
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Activity 6
Wed Mar 8, 2017
answered:
Hello Ryan, the purchase in 94502 zip code of Alameda start from around the maximum FHA loan limits of $636,150 so it depends on your qualifications and credit profile. You may qualify FHA 3.5% down from a minimum 580 fico score.

Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

You may consider Jumbo loan options from 2-4 years after Ch 7. You may consider 5% down Jumbo with a minimum 720 fico score from 424k up to 1.5 million and 10% down from a minimum 680 fico score and up to 2.5 million. You will need 20% down to purchase over 2.5 million.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA or CalVet loan specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
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BRE# 01140252
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0 votes 3 answers Share Flag
Wed Oct 21, 2009
Troy Staten answered:
Lots of good advise here, you did not say if this was still your primary residence if it is you have a 250,000 capital gains exclusion if your single or 500,000 if your married. If you convert this to rental property you could loose that. Before you decide anything get to your tax attorney, enrolled agent or CPA and get this clarified. I usually find that a person is going to spend a lot more than they think for managing a piece of rental property especially if they are doing it long distance. Good luck and feel free to contact me if you have any questions.

Troy
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Sun Oct 18, 2009
Pacita Dimacali answered:
Just an update.....

You may want to explore pre-foreclosures (or short sales) instead of foreclosures. We haven’t really had a lot of foreclosures in the Bay Farm/Harbor Bay part of Alameda, but have had our share of short sales. With short sales, it may take longer to get the lender to agree to the lower price (less than what the homeowners owe on the property) but it may be worth it to the buyer who has the patience.

Also, short sales have put other property owners who are putting their homes for sale to be more competitive with their list prices.

Alameda has definitely held its own in terms of market activity, i.e., number of sales even though prices, on the average, are 20% lower today than they were in 2007.
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Sat Feb 14, 2009
Robert Chomentowski answered:
There is definitely no shortage of bank financing right now for borrowers who can fully document their income and have the job history to qualify.

The FHA and conventional jumbo conforming loan limit in your area is $625,000. So to buy your property at $779,000 the buyer would have to put 20% down to purchase.

The above $500,000 market in CA is selling much more slowly because there is a much smaller pool of buyers that can put 20% down + have the fully documented income to qualify for the sizable loan payments on properties in the $700k+ range.

The below $400k market is very hot right now because buyers can put 3.5% down and get an FHA loan with very affordable payments.
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Fri Jun 27, 2008
Pacita Dimacali answered:
Bola

Just to give you a little perspective about Alameda.....as of this writing, there are only 15 short sales and foreclosures in the entire island. Only one of them is in the 94502 or Harbor Bay part of the island. None of these properties meet your requirements for 4 bedrooms/3 baths 2100-2600 sq ft.

There was once a foreclosure, but it was in the much-desired Gold Coast area on the main island. That had 4000 sq ft living space, detached 3-car garage, 10,000 sq ft lot, for $1.298M. This was taken off the market for a while because the bank is considering having some repairs done to make it more attractive to a larger pool of high-end buyers.

If you're looking for a home meetiing your criteria, there are some available, but they're not REOs or short sales.

How may I help you?
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Sat Feb 9, 2008
Jean Powers answered:
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